South Korean electronics giant Samsung has launched its mobile payment solution, Samsung Pay, in Taiwan with support of seven financial institutions.

The payment solution will be supported by Cathay United Bank, Citi Bank, E.Sun Commercial Bank, Standard Chartered Bank, Taipei Fubon Bank, Taishin Bank and Union Bank of Taiwan.

Samsung Pay is powered by the MasterCard Digital Enablement Service that will allow cardholder to make transaction in a secure manner by transforming Samsung mobile devices into secure commerce devices.

Currently, the solution is available for various smartphones, including Samsung Galaxy S7, S7 edge, S6 edge+, Note5, A7 (2016), A5 (2016). The platform will support both the standard Near Field Communication and Magnetic Secure Transmission.

Samsung head of Taiwan Li Dai Hua said: “We are excited to introduce Samsung Pay to Taiwan, and are thrilled to lead the innovation of mobile-commerce, in order to provide consumers with safer, smarter, and better mobile wallets through offering more valuable services.”

MasterCard head of Taiwan Eva Chen said: “Together with Samsung, we are excited to drive greater usage of mobile payments in Taiwan. To help encourage everyday usage, we have also partnered Carrefour to give MasterCard cardholders the ‘hottest’ discounts in Taiwan.”

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By GlobalData